If I lose my home to foreclosure in Connecticut, can I get it back?

Question

I have owned a home in Connecticut for many years. A few months ago, I lost my job and fell behind in my mortgage payments. The house is now in foreclosure. If I lose my property to foreclosure, is there any way for me to get it back afterward? I am interviewing for a job and might be employed soon.

Answer

No, you can't get the home back after the foreclosure. In Connecticut, you have up until the "Law Day" in a strict foreclosure or until the court confirms the foreclosure sale in a decree of sale foreclosure to "redeem" the house.

In Connecticut, lenders may foreclose through one of two judicial procedures: strict foreclosure (where the court transfers title directly to the foreclosing party without ordering a sale) and a decree of sale foreclosure (where the court orders a foreclosure sale). In a nutshell, here are the rules regarding redemption, which are explained in more detail below:

• Strict foreclosure. If the foreclosure is a strict foreclosure, the court will set a specific date, a "Law Day," which is the last date you can redeem your home.
• Decree of sale foreclosure. In a decree of sale foreclosure, also called a "foreclosure by sale," you can redeem the home until the court approves the sale.

Most foreclosures in Connecticut are strict foreclosures.

When You Can Redeem Your Home in a Strict Foreclosure in Connecticut

In a strict foreclosure, the court sets the redemption period, which is the time between the judgment and the Law Day. The Law Day can be as soon as 21 days after the court enters a judgment of strict foreclosure, but it's typically between 45 and 90 days after the judgment. If you don't redeem by the Law Day, you lose ownership of the home.

You can request that the judge extend the Law Day by filing a motion with the court. The motion must be filed and heard before the Law Day. If you're unsure about when your Law Day is, call the court clerk.

When You Can Redeem Your Home in a Decree of Sale Foreclosure

If the court orders a foreclosure sale, you can redeem the home between the judgment and the sale date, usually lasting 60 to 90 days. You can also redeem the home during the time the court takes to confirm the sale, usually 14 to 30 days.

How Much You'll Have to Pay to Save Your Home

To redeem, you must pay the full judgment amount, plus all other lawful charges such as interest, attorneys' fees, and costs. Check with the court or consult with a Connecticut attorney to learn the procedure for redeeming your home.

If Possible, Don't Wait Until the Redemption Period to Save Your Home

In most cases, if you want to keep your home, it's better to take action early in the foreclosure process. That way, you'll have more options to save the property. For example:

• your lender or the terms of your loan contract might allow you to pay the past-due amounts to reinstate the loan, or
• you could try to work out an alternative to foreclosure that will allow you to keep the property, like a mortgage modification, forbearance agreement, or repayment plan.

Foreclosures in Connecticut only take a few months to complete so be sure to explore alternatives to foreclosure as soon as possible.

Also, you might want to check out the Connecticut Housing Finance Authority (CHFA), which offers foreclosure prevention programs to homeowners facing foreclosure in Connecticut.

Finding Connecticut's Redemption Laws

To find the statutes that discuss your right to redeem the home after a foreclosure in Connecticut, go to Volume 12, Title 49, Chapter 846 of the Connecticut statutes. Statutes change, so checking them is always a good idea. How courts and agencies interpret and apply the law can also change. And some rules can even vary within a state. These are just some of the reasons to consider consulting an attorney if you're facing a foreclosure.